Friday, December 30, 2011
Sunday, November 6, 2011
Tuesday, November 1, 2011
Collapse of MF Global
We watched our company go down within a 48 hour time span, scariest thing I ever experienced in my professional career. Here is a general timeline of how it went down (sourced by MetalBulletin)
Monday October 31, about 09:00 GMT: Rumours circulate the market that MF Global business is in financial difficulty and the brokerage is in discussions to sell to a rival firm.
Monday October 31, about 13:30 GMT: Rumours that all of MF Global’s London staff have been told to leave the office are found to be untrue as employees still answer phones.
Monday, October 31, about 15:00 GMT: CME limits all trading for customers of MF Global for liquidation only, and blocks floor brokers and traders from the trading floor.
CME issues warning: “Effective immediately, and until further notice, CME's Emergency Financial Committee, in accordance with rule 975, is limiting all trading for customers of MF Global for liquidation only.
“In addition, and until further notice, CME Group will no longer recognize MF Global or any of its divisions as a guarantor for purposes of floor trading privileges. Accordingly, floor brokers and traders guaranteed by MF Global or its divisions may not access the trading floor. The foregoing actions have been taken based on circumstances regarding the financial condition of MF Global.
"CME Clearing will process any transfers at the last settlement price at the request of customers. Such positions will need to be re-margined at transferee firm. Customers wishing to execute a liquidating trade should contact MF Global."
Monday, October 31, about 15:45 GMT:
CME issues warning: “Effective immediately, and until further notice, CME's Emergency Financial Committee, in accordance with rule 975, is limiting all trading for customers of MF Global for liquidation only.
“In addition, and until further notice, CME Group will no longer recognize MF Global or any of its divisions as a guarantor for purposes of floor trading privileges. Accordingly, floor brokers and traders guaranteed by MF Global or its divisions may not access the trading floor. The foregoing actions have been taken based on circumstances regarding the financial condition of MF Global.
"CME Clearing will process any transfers at the last settlement price at the request of customers. Such positions will need to be re-margined at transferee firm. Customers wishing to execute a liquidating trade should contact MF Global."
Monday, October 31, about 15:45 GMT:
MF Global Holdings posts a statement on its website saying it has filed for Chapter 11 bankruptcy protection in the USA.
Monday, October 31, about 18:00 GMT: LCH.Clearnet issues a notice to all its clearing members stating it “has issued a default notice in respect of MF Global UK Limited”.
"We refer to LCH.Clearnet SA’s Clearing Rules (Rulebook Title IV – Chapter 5 – Event of Default), we hereby declare MF Global UK Limited (in Administration) to be in default.
Monday, October 31, about 18:00 GMT: LCH.Clearnet issues a notice to all its clearing members stating it “has issued a default notice in respect of MF Global UK Limited”.
"We refer to LCH.Clearnet SA’s Clearing Rules (Rulebook Title IV – Chapter 5 – Event of Default), we hereby declare MF Global UK Limited (in Administration) to be in default.
Monday, October 31, 18:36 GMT:The LME issues the following statement saying it has suspended MF Global from trading after LCH.Clearnet default
Monday, October 31, 23:41 GMT:
The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) says attempts to sell MF Global to another firm had fallen through and reports “possible deficiencies”.
Tuesday, November 1, 08:30 GMT:
The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) says attempts to sell MF Global to another firm had fallen through and reports “possible deficiencies”.
Tuesday, November 1, 08:30 GMT:
Rumours flood the market that up to $700 million could be missing from MF Global accounts.
Tuesday, November 1, 09:00 GMT:
Brokers and MF Global’s clients scramble for clarification on the status of trades executed on Monday prior to the ring dealer’s default at the clearing house LCH.Clearnet.
Brokers and MF Global’s clients scramble for clarification on the status of trades executed on Monday prior to the ring dealer’s default at the clearing house LCH.Clearnet.
Tuesday, November 1, 11:14 GMT: LCH.Clearnet tells MB it is working with administrators KPMG to ensure all trades executed on October 31 are processed as intended.
Tuesday, November 1, 13:34 GMT:
MF Global's head of commodities Fred Demler is attempting to find someone to take on the metals unit of the brokerage which entered Chapter 11 bankruptcy protection in the USA on Monday, market sources told MB.
Tuesday, November 1, 13:34 GMT:
MF Global's head of commodities Fred Demler is attempting to find someone to take on the metals unit of the brokerage which entered Chapter 11 bankruptcy protection in the USA on Monday, market sources told MB.
Monday, October 24, 2011
Pumpkin and pear picking! (NJ)
My mom drove me and Brendan around all day visiting pumpkin, apple and pear farms. If this was High School it would be the worst date ever but now 10 years later...BEST TIME EVER!!!!
The pumpkin farm was no Goebberts (S. Barrington, IL) but it was relaxing and we weren't the only ones without kids there for once!
The pear farm we went to was called Evergreen Farm - they are the largest Apple Pear farm in NJ. These pears (often known as Asian, or Apple, or Korean pears) are the most delicious, juicy, cripsy pieces of fruits ever! They have a very different taste than the buttery European pear varieties and resemble apples. Due to their high price ($3/lb at the farm) and large size of the fruit, these pears (especially in Asian cultures) tend to be served or given to guests as gifts!
A little nutritional info
The pumpkin farm was no Goebberts (S. Barrington, IL) but it was relaxing and we weren't the only ones without kids there for once!
The pear farm we went to was called Evergreen Farm - they are the largest Apple Pear farm in NJ. These pears (often known as Asian, or Apple, or Korean pears) are the most delicious, juicy, cripsy pieces of fruits ever! They have a very different taste than the buttery European pear varieties and resemble apples. Due to their high price ($3/lb at the farm) and large size of the fruit, these pears (especially in Asian cultures) tend to be served or given to guests as gifts!
A little nutritional info
| Asian Pear | ||||||||||||||||||||||||||||||
Serving size 1 med. pear, raw (122g)
* Percent Daily Values are based on a 2,000 calorie diet. |
 |
| soy beans |
 |
| On the tractor ride at Evergeen Farm |
Di Fara's - "Best thing I ever ate"
So here is how our night went...7PM, sitting around Friday night drinking a pumpkin beer watching TV relaxing. All of a sudden on the Food network (default channel) the show "Best Thing I Ever Ate" comes up and first topic of discussion is pizza. The lady is going on and on about the best pizza she EVER had in the most descriptive details, so convincing that I almost smelled the mushrooms & garlic on that pizza. Needless to say, both Brendan and my ears perk up and start drooling right away. Few seconds later we find out the pizza the host was eating is from Di Fara, a place in Brooklyn NY! We literally look at each other, without words grab our coat and out we go!
I was literally THE last person they accepted into the restaurant to order. The place look EXACTLY like it was on TV and it was the same old pizzaman, Dom DeMarco, making pizza (for 45 years!!!). All 5 of his children work there with him (see pics below) and he hand makes every single pie. He even cut the basil into the pizza just like they showed on TV. We also learned that Dom met his wife in the pizzeria he worked at before opening Di Fara. She used to come in and eat lunch there everyday. He liked her because she sat alone - he thought, "She must be a nice girl." There is a documentary made about this place..love the history.
After an HOUR of waiting, his daughters who worked there felt bad for us and gave us an order that someone place but didn't pick up (pics below). It literally WAS the best pizza we've ever had.
I also love these stories. The old photos on the wall made me wonder what it must have been like to eat here 10, 20, 30, 40 years ago, before the internet and blogs and shows and the hype and expectations. What it was like walking in, ordering a slice and chattin it up with Dom. Now it's a crazy popular spot with tourists and people piling in for pictures (like myself, haha, guilty).
Take away from the night: " You have to love what you do, if you no love, no do it. " -Dom
Other photos are of the Brooklyn bridge light up at night on our drive home...sensational!
I was literally THE last person they accepted into the restaurant to order. The place look EXACTLY like it was on TV and it was the same old pizzaman, Dom DeMarco, making pizza (for 45 years!!!). All 5 of his children work there with him (see pics below) and he hand makes every single pie. He even cut the basil into the pizza just like they showed on TV. We also learned that Dom met his wife in the pizzeria he worked at before opening Di Fara. She used to come in and eat lunch there everyday. He liked her because she sat alone - he thought, "She must be a nice girl." There is a documentary made about this place..love the history.
After an HOUR of waiting, his daughters who worked there felt bad for us and gave us an order that someone place but didn't pick up (pics below). It literally WAS the best pizza we've ever had.
I also love these stories. The old photos on the wall made me wonder what it must have been like to eat here 10, 20, 30, 40 years ago, before the internet and blogs and shows and the hype and expectations. What it was like walking in, ordering a slice and chattin it up with Dom. Now it's a crazy popular spot with tourists and people piling in for pictures (like myself, haha, guilty).
Take away from the night: " You have to love what you do, if you no love, no do it. " -Dom
Other photos are of the Brooklyn bridge light up at night on our drive home...sensational!
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